Fast, Flexible Finance - the Future of Asset Based Lending.
Mike Oxby has over 30 years of experience in the banking sector - experience that he’s bringing to bear as he leads AIB (GB)’s Asset Finance team into an exciting new period of growth and development.
A Commitment to Team Work
In his short time with the company, Mike has already been impressed by AIB (GB)’s operating model and feels that genuine commitment to team work is one of the things that sets the bank apart from its competitors.
“As we work as one team, whether we’re looking to help a customer with a new commercial mortgage or a leasing facility – we can bring together different areas of expertise to provide the best deal for the customer,” he explains. “It’s really getting into the nitty gritty of what’s required, not what we think we might provide. It’s listening to our customer and providing exactly what’s right for them.”
In fact, AIB (GB)’s various teams often join forces to put the right kind of financing in place. Mike gives the recent example of how the team helped an engineering client with a bespoke solution.
“For this, we worked together with our invoice finance team,” he says. “We provided asset finance for the trucks, trailers and engineering equipment as well as the invoice finance facility that provided the working capital to help with the acquisitions. So, by linking the two together, we really helped the deal happen.”
Understanding Customer Needs
Mike believes that AIB (GB) provide the best financing for their customers by really getting to know their business.
“If we just provided a standard three-year agreement, we might as well let the customer self-serve,” he notes. “We really want to understand each individual customer’s needs. Is there a technical supply with the equipment coming from a foreign country that we need to help with? Does the structure of the deal need to be tailored to help a particular cashflow? Anything but a standard facility is what we look to offer, and we’re committed to doing that.”
There are exciting times ahead for AIB (GB)’s asset finance arm, with the adoption of a new operating model in early 2018 the first major development on the horizon.
“We’ve had a traditionally strong business historically over 15-20 years and really we’re modernising that business and making it much more up to date and efficient,” Mike explains.
“We’re investing in a state of the art operating model, which will be live early next year. When that’s in place, we will be able to bring our customers much more than just the financing. For example, asset tracking and life asset management, rather than just a financing facility.”
These new developments will prove hugely beneficial for customers who need the added flexibility of a truly modern financing model.
“We’re providing much more of a managed service,” Mike says. “For example, if we’re looking at a manufacturing facility, we look at providing the finance not just for the equipment, but everything that’s crucial to the running of that equipment.”
This kind of innovative financing will be a particular boon to manufacturing customers, who may have been hindered by rigid and outdated financing models. “If a contract’s going to be running for 5-6 years, it really makes sense to match the cashflow and earnings of that asset, whilst it’s earning against that contract,” Mike explains.
The adoption of innovative technology is another area in which AIB (GB) are continuing to lead the way, and Mike is excited by the continuing pace of development in the asset finance sector.
“25 to 30 years ago, it was very manual,” he says. “Now we see state of the art operating models that can offer fast efficient documentation turnaround, e-approvals, e-signatures, and I think that’s only the start. We’ll be looking at asset sharing, social media linking to finance and real management of assets and asset tracking, which will revolutionise the way asset finance is being offered.”
One thing that won’t change, however, is AIB (GB)’s dedication to building and maintaining strong relationships with customers, something that Mike truly values. “The thing that sets AIB (GB) apart from other banks is our commitment to a relationship with our customer,” he notes. “I think our relationship model is something we actually live by and don’t just talk about, whereas I think some of the other banks talk, but don’t do.”
At AIB (GB), we’re proud to bring an innovative and tailored approach to the asset finance sector in Britain. See how we can help your business on the dedicated asset finance section of our website.